Modest Increase in Value for Penticton Property Assessment Notices

February 22, 2016

Earlier this year property owners in Penticton would have received their assessment notices which give their market value for July 2, 2015. According to BC Assessment “The majority of residential home owners within the region can expect a modest increase in value.” In reality residential homes in the Okanagan have increased 0-10% in urban areas, 0-5% in rural areas, and commercial properties from -5% to +10%. The single highest assessed home in the Okanagan was for $9,510,000.

The entire Okanagan assessments have gone up to $94 billion this year compared to $88 billion last year. Nearly $1.7 billion of assessments in the Okanagan are from new construction, subdivisions and rezoning properties. In total all of B.C.’s real estate is valued at $1.3 Trillion dollars which is an increase of 11.1%.

The Okanagan area that is included in the assessments that goes from the Shuswap (Sicamous to Sorrento) to the north down to Osoyoos and west to Princeton.

For more information on property assessments in British Columbia visit bcassessment.ca. You can find some interesting real estate information there including the most valuable residential properties in B.C.